Miami foreclosure defense attorney Archives - Page 13 of 21

First Quarter Housing Market Trends

Posted on May 2, 2016by Admin

The housing market has continued to make improvement in the first quarter of the year. Home prices have increased, helping homeowners accumulate equity. Based on the first quarter trends of 6% home price gain, another $1.3 trillion in housing equity could be added to homeowners’ wealth this year. It has been a positive quarter for the housing sector, particularly for homeowners.

The spending growth for home improvement, including new home construction, rising brokerage commission income, more use of moving trucks and lawn care, and even increased consumer spending for many things arising from homeowner housing wealth accumulation are helping keep the economy afloat.

Another good sign- mortgage default rates are on the decline. The number of people late on their mortgage payment by only a month was 2.35% in the latest quarter, the lowest in at least 40 years when this data was first collected. In addition, the share of homes with new foreclosure proceedings fell to 0.36% of homes with mortgages – the lowest in over a decade.

The sense of stress is among renters. Rents have been outpacing income growth for the past four years. The strict credit requirements are holding many renters back from converting into homeowners. Another factor holding first-time home buyers back is student loan debt. That is a big reason why the homeownership rate remains at a near 50-year low, at 63.6% in the first quarter.

Among those under the age of 35, the ownership rate fell even more and was 34.2% in the latest quarter. Renter households in the meantime have been increasing upwards by an additional 9 million in the past decade while homeowner households have been reduced by a million.

The trend of more renters and fewer homeowners is occurring at a time of rising home values and housing equity gains. Many interpret it as a loss of The American Dream and attribute it to the rising wealth inequality.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Homeowners BEWARE: The Latest Foreclosure Rescue Scam- Securitization Audits

Posted on April 26, 2016by Admin

There are many struggling homeowners on the brink of foreclosure, and scammers have been there to capitalize on it, offering “mortgage elimination” or other foreclosure tactics that in some cases are illegal. One commonly advertised service is a Securitization Audit.

A number of companies have been pushing “forensic loan audits.” Since knowledgeable attorneys and homeowners recognize these “audits” are basically useless, scammers are now peddling, securitization audits. The supposed reason given for a ‘securitization audit’ is to determine the true owner of a promissory note. Allegedly, with this information, the homeowner can show a court that the party actually foreclosing on a mortgage is not the actual note owner.

These scammers are charging fees for information that is free to everyone. There is absolutely no need to pay for a securitization audit, but the scammers are counting on the fact that the average homeowner does not know that.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

U.S. Extends Limited Reduction of Mortgage Principal for Stressed Homeowners

Posted on April 15, 2016by Admin

A federal regulator this week announced an initiative to allow certain homeowners facing foreclosure to reduce the principal on their mortgages. However, the plan is limited and comes years after advocates began pushing for greater relief in the wake of the housing crash.

The Federal Housing Finance Agency will help approximately 33,000 people whose mortgages are backed by Fannie Mae and Freddie Mac, the housing finance companies seized by the government in 2008.

The plan balances the agency’s statutory mandate to “maximize assistance for homeowners,” while not adversely affecting the finances of Fannie Mae and Freddie Mac.

The program is available to homeowners who were at least 90 days delinquent on mortgage payments as of March 1. The outstanding principal on the mortgage must be less than $250,000, and the value of the home must be at least 15% less than what is owed on the loan.

The mortgage principal could be reduced no lower than 15% above market value, meaning the homeowner still would be underwater. No more than 30% of the total principal could be forgiven. Eligible borrowers should expect to hear from their mortgage servicer by Dec. 31.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

Goldman Sachs Reaches Subprime Mortgage Settlement for $5.1B

Posted on April 13, 2016by Admin

Goldman Sachs is the final U.S. bank to reach a subprime mortgage settlement with a national working group established in 2012 to investigate how Wall Street had inflated the mortgage bubble, which led to the economic crisis. The group included several federal regulators and state attorneys general.

Goldman’s $5.1 billion settlement is less than those of the other mortgage giants. JPMorgan Chase paid $13.3 billion, while Bank of America paid $16.6 billion. Morgan Stanley paid $3.2 billion to the working group, which consists of National Credit Union Administration, the Federal Home Loan Banks, and the states of California, Illinois and New York.

However, there is another side to this story. Concealed in the fine print are provisions that allow Goldman Sachs to pay hundreds of millions of dollars less — perhaps as much as $1 billion less — than the headline figure. And that is before the tax benefits of the deal are included. The bank will be able to reduce its bill substantially through a combination of government incentives and tax credits. For all the banks, the credits suggest that the amounts that the banks will have to actually spend on consumer relief will be much lower than the headline figures.

When asked about these differences, the Justice Department official said that the wrongdoing the banks were accused of was different and, as a result, the negotiations took different courses.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

Widows, divorcees struggle with foreclosure rules

Posted on March 29, 2016by Admin

According to a recent report from the National Consumer Law Center, widows as well as surviving family members and the recently divorced continue to struggle to stay in their homes. It is estimated that thousands of homeowners, usually women who did not sign the original loan documents, are having trouble getting access to relief that the new federal guidelines have provided other homeowners since the foreclosure crisis.

The Federal Consumer Financial Protection Bureau is being urged to adopt rules that would expand protections to others who may have homeownership interest in a property, aside from just the borrower. Every month of delay increases the interest that the homeowner owes, increasing the fees on the loan amount and decreasing the changes of a loan modification.

Federal regulators need to do more to educate borrowers. Borrowers can fill out paperwork allowing lenders and mortgage companies to disclose financial and loan information to family members or spouses. Many borrowers are unaware that they can agree to disclosures so family members and spouses communicate with lenders to avoid undue hardships after death.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

House Passes Foreclosure Extension Protection for Military Homeowners

Posted on March 23, 2016by Admin

The Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners, has been extended from the current 90-day period to a one-year period beginning in January 2018.

The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive when the bill is signed by President Obama. The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations.

The SCRA’s extension provides important foreclosure protections to the brave men and women of our military who are transitioning back into civilian life. This is a vital homeownership tool that helps members of the military stay in their homes.

The Consumer Financial Protection Bureau announced that it received approximately 2,800 complaints from military personnel related to mortgages during 2015. The majority of these complaints were related to servicing issues, including loan modifications, collections and foreclosures.

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Foreclosures, Timothy Kingcade Posts

Former NFL Player, Chad “Ochocinco” Johnson, Losing Home to Foreclosure

Posted on March 16, 2016by Admin

Chad Johnson, six-time Pro Bowl NFL receiver turned reality TV star is faced with losing his 6,000-square-foot mansion in Davie, FL to foreclosure. The residence at 2899 Juniper Lane was foreclosed on earlier this month and will be put up for public auction in April.

“Chad Ochocinco,” as he is commonly referred to grew up in Miami and spent the prime of his career with the Cincinnati Bengals, where he caught more than 1,000 receiving yards in seven of his first nine seasons. He legally changed his name to Chad Javon Ochocinco, in honor of his jersey number, 85 in 2008. He later changed his name back to “Johnson” in an effort to “find himself.” He also starred in a reality-TV dating series called Ochocinco: The Ultimate Catch , which ran for a single season on VH1 in 2010.

After playing for the New England Patriots in 2011 he signed with the Miami Dolphins, but before the season began, he was arrested for domestic battery and was cut from the team. In February 2015, the Long Lake Ranches West Homeowners Association placed a lien on Johnson’s home, claiming he owed more than $3,500. After not paying, the association sued and on March 1, a Broward County judge officially granted a final motion of foreclosure on Johnson’s home. The home is currently worth approximately $1.1 million, according to property records. The home will be posted for sale at broward.realforeclose.com on April 15.

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Foreclosures, Timothy Kingcade Posts

Florida Ranks #1 in Completed Foreclosures for January

Posted on March 15, 2016by Admin

Foreclosure inventory decreased nationwide by 21.7 percent and completed foreclosures dropped 16.2 percent in January compared to the previous year, according to CoreLogic. The number of U.S. homes in some stage of foreclosure totals approximately 456,000, compared with 583,000 in January 2015.

The five states with the highest number of completed foreclosures in January were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (24,000). These five states accounted for almost half of all completed foreclosures nationally. Miami-Miami Beach-Kendall topped all other U.S. metro areas for completed foreclosures in January, with 6,919.

Foreclosure inventory represents the number of homes in some stage of foreclosure, and completed foreclosures represent the total number of homes lost to foreclosure. There have been 6.1 million completed foreclosures across the country since the financial crisis began in September 2008. Since that time there have been 8.2 million homes lost to foreclosure.

Related Resources:

http://www.bizjournals.com/orlando/blog/2016/03/florida-tops-innation-for-completed-foreclosures.html

http://247wallst.com/housing/2016/03/08/january-foreclosures-highest-in-florida-michigan/

Foreclosures, Timothy Kingcade Posts

America’s Foreclosure Crisis Isn’t Over Yet

Posted on March 9, 2016by Admin

Goldman Sachs is the latest big bank to settle claims related to its role in the 2008 housing crisis. The global investment bank reached a deal with the U.S. government, agreeing to pay $5.1 billion as part of the settlement. Nearly $2 billion of which will be set aside for programs to help struggling homeowners avoid foreclosure.

During the height of the financial crisis, the government’s top priority was backstopping the nation’s banking system. Congress authorized $475 billion for the Troubled Asset Relief Program (TARP). Approximately $46 billion of that was allocated to programs to help struggling homeowners avoid foreclosure.

Tens of billions of dollars were also set aside following a string of settlements between the government and a number of Wall Street banks, including Bank of America. These funds were put into programs such as the Home Affordable Modification Program (HAMP) to provide relief to homeowners.

Eight years after the housing bubble burst, foreclosures and underwater mortgages are down nationally. However, there are several areas and states that are still struggling. In 2013, Christy Goldsmith Romero, special inspector general for TARP, warned that homeowners were defaulting on their modified loans at an “alarming rate.” Data released in September of 2015 revealed the rate of defaults on the reset mortgages increased greatly over time. Romero’s office released a statement that said, “The longer a homeowner remains in HAMP, the more likely he or she is to re-default out of the program.”

Between 2009 and 2015 nearly 2.2 million homeowners applied for a trial modification but nearly 786,000 canceled. Out of the remaining 1.4 million granted HAMP modifications through the Treasury Department, approximately 467,000 re-defaulted.

According to thousands of calls and complaints received on the Special Inspector General TARP hotline (SIGTARP), banks and mortgage servicers are to blame for the high default rate. Homeowners claim that the banks lost paperwork and made clerical errors resulting in defaulted mortgages. According to SIGTARP, “dual-tracking” is also an issue. This is a practice where the servicer of the HAMP mortgage continues to pursue foreclosure while the homeowner is in the HAMP program.

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Foreclosures, Timothy Kingcade Posts

South Florida Foreclosures Continue to Decline

Posted on February 26, 2016by Admin

Once a foreclosure hotbed during the U.S. economic downturn, South Florida’s housing market continues its recovery in the New Year. The number of homes in some stage of foreclosure reached 3,063 during January, according to RealtyTrac. That is approximately one in every 808 homes- a rate that has fallen by 45 percent compared to January 2015.

Miami-Dade had the most foreclosures out of South Florida’s three counties with 1,358 homes in distress. Broward and Palm Beach counties had 919 and 786 last month. The decrease in foreclosures means South Florida now ranks 22^nd in the nation for properties in financial distress.

Nationally, the trend was similar. A total of 95,186 homes were in some stage of foreclosure last month, a decline from 11 percent compared to the same month a year ago. The U.S. is now at its lowest foreclosure rate since 2008, according to RealtyTrac.

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